Fitch ups, withdraws OneMain, Springleaf

Fitch Ratings said it upgraded the long-term issuer default ratings of OneMain Holdings, Inc., OneMain Financial Holdings, LLC and Springleaf Finance Corp. to B+ from B.

The agency also upgraded the senior unsecured debt ratings of Springleaf to B+/RR4 from B/RR4.

The AGFC Capital Trust I trust preferred securities were upgraded to B-/RR6 from CCC+/RR6.

Concurrently, Fitch withdrew the ratings for commercial reasons.

“The ratings upgrade reflects the simplification of OneMain's organizational structure and removal of intercompany capital flow constraints following the redemption of the remaining OneMain Financial senior unsecured debt,” Fitch said in a news release.

The agency said the upgrade also reflects further declines in the company's leverage, an increase in the proportion of unsecured funding relative to secured debt and the stable credit performance of its portfolio since Fitch's last review in November 2017.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.